One benefit of an economic downturn is that it encourages us to examine our business and focus on strategic planning. Hopefully, you’ve been using this slow down to rethink your marketing strategy as well. Here are 10 marketing resolutions I encourage all business owners to make as we head into the New Year.
1. Have a plan – Few aspects of business are done without planning, but marketing is often left to happenstance. The result is that efforts fail, money and time are lost, and frustration sets in. To avoid these pitfalls, invest in strategic planning. A plan will determine goals, core messages, tactics, and tools for measuring ROI.
2. Integrate – An integrated marketing campaign in which all disciplines (publicity, website, advertising) speak with one consistent voice will get better results and cost less. Don’t hire multiple agencies to implement various tactics. Corral your efforts with an agency that specializes in integrated marketing communications. It’s common-sense marketing that works.
3. Invest in your logo – If your logo looks outdated or amateurish, your customers will convey these same qualities to your business. A professionally designed logo will repay you ten-fold, so don’t relegate such an important component of your business to a relative or employee. Hire a professional.
4. Find your voice – Every business should have an elevator speech, key messages and a value proposition that distinguishes you from competitors. Before you market, determine these important messages. Then deliver these key messages consistently and clearly in all of your marketing vehicles.
5. Publicize – Publicity is a powerful marketing tool because it implies a third-party endorsement of your product or service. Routinely send out press releases about your company’s successes, new hires, milestones achieved, etc. The key to effective publicity is consistency and creativity.
6. Promote – Generate positive publicity via newsworthy and creative promotions. Launch an Ugly Website Contest, host Superbowl Talkies (like Talk); launch a Pink Chick Parade, etc. Be proactive and create publicity opportunities – don’t wait for them to happen.
7. Audit your website – Your website is a significant investment in your business and often the first impression a prospective customer has of your company. But it is not a static billboard. Your website should be consistently updated and monitored to ensure it is attracting and converting new customers.
8. Communicate online – 250 million people are now on Facebook. Are any of them your customers? If so, you may want to consider creating a Facebook fan page. Social media sites such as Facebook, Twitter, LinkedIn and YouTube enable businesses to speak directly to their customers. Join the conversation.
9. Create a crisis plan – Everybody thinks they are immune to a crisis — until one derails their business. A product recall, labor union disputes, environmental activists and natural disasters are just a few of the crises that can befall a company. Avoid a crisis by planning for one.
10. Budget for marketing – Marketing spending varies widely, from less than one percent of net sales for business-to-business to 10 percent or more for consumer-packaged goods (50 percent or more of net sales for new product launches in year one.) What are you spending? Marketing is a critical business expense, just like rent, salary and inventory. Ignore it and your marketing savvy competitors will eagerly steal your customer base.
